Revolution Bars Group COVID-19 Update/Notification Interim Results Date (1037R)
04 March 2021 - 6:00PM
UK Regulatory
TIDMRBG
RNS Number : 1037R
Revolution Bars Group
04 March 2021
Revolution Bars Group plc (LSE:RBG)
COVID-19 Update and Notification of Interim Results Date
COVID-19 Update
Revolution Bars Group plc ("the Group" or "the Company"), a
leading operator of 66 premium bars, trading under the Revolution
and Revolucion de Cuba brands, notes the comments by the Prime
Minister, Boris Johnson on 22 February 2021, and the subsequent
support announced by the Chancellor, Rishi Sunak, in the Spring
Budget on 3 March 2021.
Although the date that we will be able to commence the reopening
of our estate externally on 12 April 2021 is later than we had
hoped, the clarity that has been provided by the plan to lift
lockdown restrictions enables us to fully prepare and manage the
expectations of our colleagues. Initially, on 12 April 2021, the
Company intends to open 20 bars, and with the opening of indoor
hospitality on 17 May 2021, all 66 bars will reopen. The subsequent
additional support announced for the hospitality sector by the
Chancellor in the Spring Budget on 3 March 2021, particularly the
restart grants, continued reduction in business rates, low VAT on
food and non-alcoholic drinks and other measures are also welcome.
This support will give further certainty to all our stakeholders
and allow the Company, together with the wider hospitality
industry, to regain a financial position from which it can again
develop and thrive.
In December 2020, the Group estimated that if it were unable to
trade due to enforced closure because of the pandemic and taking
into account the various Governmental support schemes and its
agreements with landlords, the Company's cash burn would be
approximately GBP0.4m-GBP0.45m per week. At that time, the Group
had GBP17.6m of liquidity headroom. At 3 March 2021, the Group had
net debt of GBP27.1m with available liquidity resources of GBP9.8m,
as a result of the weekly cash burn detailed above and following
the cash outflows related to the previously announced CVA and lease
surrenders and the working capital outflow associated with the full
closure of the estate on 30 December 2020. The Group therefore has
more than sufficient liquidity resources available to take the
Company well through 17 May 2021, the date that its estate will be
able to commence trading indoors in line with the Government's
phased release of current lockdown measures. This assumes no
tightening of Government restrictions over that period. Previous
experience has demonstrated that when the Company is able to trade
without restriction, targeted for 21 June 2021 in the reopening
roadmap, it is highly cash generative and profitable. Furthermore,
the Group anticipates that following easing of restrictions there
will be significant pent-up demand and the Group will enjoy a rapid
rebound in trading.
Notification of Interim Results Date
Further to the guidance provided by AIM Regulation in "Inside
AIM" on 9 June 2020, the Company has been granted an extension of
up to one month for the reporting of its interim results for the 26
weeks ending 26 December 2020 ("HY 2020") until 26 April 2021. The
Company will therefore publish its HY 2020 results on 13 April
2021.
Rob Pitcher, CEO of Revolution Bars Group said:
"With the encouraging progress of the vaccination programme,
clarity in the timetable to reopening, and the additional financial
support measures announced by the Chancellor, the light at the end
of the tunnel is getting brighter.
Notwithstanding that good news, our industry remains on the
critical list and the continued support announced by the Government
is required to ensure that we can be in a position to return to
growth and be a driver of national job creation once again
particularly for young people who are the lifeblood of our industry
and who have been severely impacted over the last year.
We are excited at the prospect of welcoming back our colleagues
and guests and providing fun and memorable experiences for them as
lockdown restrictions ease." 4th March 2021
Enquiries:
Revolution Bars Group plc Tel: 0161 330
3876
Rob Pitcher, CEO
Danielle Davies, CFO
finnCap, NOMAD and Joint Broker Tel: 020 7220
0500
Matt Goode / Simon Hicks / Teddy Whiley
(Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Peel Hunt LLP, Joint Broker Tel: 020 7418
8900
George Sellar / Andrew Clark
Instinctif (Financial PR) Tel: 020 7457
2005/7427 1445
Matt Smallwood
Jack Devoy
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFFFVLVAIVIIL
(END) Dow Jones Newswires
March 04, 2021 02:00 ET (07:00 GMT)
Revolution Bars (LSE:RBG)
Historical Stock Chart
From Apr 2024 to May 2024
Revolution Bars (LSE:RBG)
Historical Stock Chart
From May 2023 to May 2024